Question

explain factors of production
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Answer 1

In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function

Answer 2

Explanation:

ғᴀᴄᴛᴏʀs ᴏғ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ᴀʀᴇ ᴛʜᴇ ʀᴇsᴏᴜʀᴄᴇs ᴘᴇᴏᴘʟᴇ ᴜsᴇ ᴛᴏ ᴘʀᴏᴅᴜᴄᴇ ɢᴏᴏᴅs ᴀɴᴅ sᴇʀᴠɪᴄᴇs; ᴛʜᴇʏ ᴀʀᴇ ᴛʜᴇ ʙᴜɪʟᴅɪɴɢ ʙʟᴏᴄᴋs ᴏғ ᴛʜᴇ ᴇᴄᴏɴᴏᴍʏ. ᴇᴄᴏɴᴏᴍɪsᴛs ᴅɪᴠɪᴅᴇ ᴛʜᴇ ғᴀᴄᴛᴏʀs ᴏғ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ɪɴᴛᴏ ғᴏᴜʀ ᴄᴀᴛᴇɢᴏʀɪᴇs: ʟᴀɴᴅ, ʟᴀʙᴏʀ, ᴄᴀᴘɪᴛᴀʟ, ᴀɴᴅ ᴇɴᴛʀᴇᴘʀᴇɴᴇᴜʀsʜɪᴘ.

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